Cambodia: Siem Reap Cynosure Of Developers’ Eyes As Tourism Hub

After a lengthy period of uncertainty as Cambodia’s opposition party CNRP, led by Mr. Sam Rainsy made serious allegations against CPP of electoral frauds, the country has managed to form a new Parliament, and Hun Sen, 61, has been sworn in as the Prime Minister once again extending his reign.

With the politically volatile situation easing, international eyes have turned back to the country’s economic and business prospects, and foreign investors have begun to come back to partake in various development projects across the land of the Ancient Khmer Empire.
In the land of Siem Reap, where more than two million overseas visitors hit the site yearly, and this number is growing at a rapid rate of more than 20% per annum, big brands have been entering the market in a coordinated fashion to grow not just the tourism industry, but also the general infrastructure of the city.

On 27th June this year, Cambodia’s Apsara Authority and China Civil Engineering Construction Corporation signed a Memorandum of Understanding (MoU) on the project of sustainable management of the existing resources for conservation and sustainable development in Angkor World Heritage Site and Siem Reap region.

The deal was inked between Bun Narith, director general of Apsara Authority, which protects and manages Angkor Archeological Park, and Liu Zhiming, chairman of China Civil Engineering Construction Corporation, under the presence of Cambodian Deputy Prime Minister and Cabinet Minister Sok An.

“This partnership is very significant and timely as it responds to the contemporary issues of Angkor, which requires not only conservation, but also green and sustainable development,” Sok An said at the signing ceremony.

In late August, Hong Kong Based Company Cheung Sheng Global Holdings announced its latest plan to develop a mixed-used real estate project close to the heart of Siem Reap, aptly named Siem Reap Metropolis, in hopes that this would become the first complete cosmopolitan establishment in the tourist driven town.